Borealis buys bigger stake in Bruce nuke plant for $450M
Investment arm of OMERS takes a majority interest of Tiverton generating plant.
TORONTO — Borealis Infrastructure has signed definitive agreements with Cameco Corp. to acquire up to a 31.6% interest in the Bruce Power B nuclear generating plant in Tiverton, Ont. for $450 million.
Bruce B operates four of the eight reactors at the world’s largest nuclear generating facility.
Borealis, the infrastructure investment arm of OMERS, one of Canada’s largest pension funds, increases its interest in Bruce Power with this sale to 56.1%.
Borealis said other investors in Bruce Power (TransCanada Corp., Power Workers’ Union and Society of Energy Professionals) are considering whether to exercise their options for additional ownership.
Bruce Power generated 30% of Ontario’s electricity in 2013.
Cameco, based in Saskatoon, is one of the world’s largest uranium producers.